Requirement for persons who hold frozen funds to inform OFSI

September 06, 2017

HM Treasury’s Office of Financial Sanctions Implementation (OFSI) has issued its annual call for Frozen Assets Reporting. All persons and businesses (including but not limited to financial institutions) are required to inform OFSI of any funds or economic resources which they hold or control, which are subject to an EU asset freeze (ie which are owned, held or controlled directly or indirectly by an EU designated person). The deadline for providing this information to OFSI is 13 October 2017. OFSI’s notice can be found here.

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